Walker gets all-clear over Iceland

Ben Laurance|Mail13 April 2012

FORMER Iceland boss Malcolm Walker has been cleared by the Serious Fraud Office following a lengthy investigation into the frozen food company and dealings in its shares.

Walker was controversially ousted as chairman of Iceland in January 2001 after the arrival of new chief executive Bill Grimsey and after selling £13.5m shares the previous month.

Grimsey then issued a string of profits warnings and Iceland's share price collapsed.

As well as possible insider dealing, the SFO looked at the way the company had drawn up its profit figures. But Walker's solicitors, Clifford Chance, were told last week the inquiry was at an end and no charges will be brought.

Walker said: 'I never had the slightest doubt that I would be totally vindicated.

'While I naturally welcome the fact that any suggestion of wrongdoing has now been officially withdrawn, I regret that it has taken almost four years to reach this inevitable conclusion.

'The lack of urgency persisted right to the end, with my lawyers being notified of my clearance by second-class post. Being pilloried in the Press was, to put it mildly, trying. I am now glad to be able to put this episode behind me.'

Since leaving Iceland, Walker has set up CoolTrader, a new frozen food chain, which now has 20 outlets.

And as Financial Mail on Sunday revealed last month, he hopes to regain control of a large number of Iceland's 750 outlets following a proposed takeover of the company's parent, Big Food Group, by Icelandic investor Baugur.

Walker would not comment on any negotiations with Baugur.

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